(mswerd)
mightyray - how did you envision this transaction taking place?
I guess it's cool to identify a replacement as long as they are not sending you money (as you cannot sell things you don't have in your possession.) Then you contact thepope and ask for your deposit back, saying you've identified a replacement (so he doesn't get upset about you backing out, I guess.)
Is that you what you had in mind?
The other option is just to ask thepope straight up if you can back out. That would be simpler, as others have mentioned.